Overcapitalization

“Because it leads to overcapitalization of businesses, and it leads to companies being, I sort of have this, like, sometimes this mental model in my head, and it's not a very nice sort of mental image, but you know how they make foie gras.”

“Besides product market fit, the biggest risk to a venture-backed company is bad capitalization. And we don't mean undercapitalization. We mean overcapitalization”